Yes, that works fine on VPC. Set the NIC in the server to the Local Only
setting and manually configure its network config to whatever you want to
use.

   If you want  your clients to get their IP config automatically, install
DHCP on the server and configure it with a scope to match the IP you gave
the server. If you also want to use DNS, install DNS or the server and
configure that. (If you want to run the server as a DC, the dcpromo
operation will install and configure DNS as part of the process. Note that
if you are running AD you must authorise the DHCP before it will function).

   Set your client machine to get its IP and DNS automatically (this is the
default) and set its NIC to Local Only also. When you boot this vm it will
get its config from DHCPon the server.